Savings Calculator
Estimate how your savings balance could grow with monthly deposits and an optional annual interest rate.
Savings Calculator tool
Use your expected average annual rate. This is a simplified projection.
| Year | Balance | Total Deposits | Interest Earned |
|---|
Estimates only. Actual yields vary by account, compounding method, and fees.
This calculator applies a simple monthly compounding model. Each month: (1) interest is applied to the current balance, then (2) your monthly deposit is added.
The annual interest rate is converted to a monthly rate by dividing by 12. This is common for quick projections, but real accounts may compound daily or use APY rules.
Use the year-by-year table to sanity-check your plan and to compare different deposit amounts or rates.
Examples
- $1,000 start, $200/mo, 3% for 10 years → estimate final balance and total interest
- Set interest to 0% → deposit-only savings projection
- Increase monthly deposit to compare how much faster you reach a target balance
FAQ
- Is the interest compounded monthly?
Yes. This tool applies the annual rate as a monthly rate (annual ÷ 12) and compounds month by month for a simple estimate.
- Does it model APY exactly like banks do?
Not exactly. Banks may use daily compounding, different posting schedules, and fees. Use this as an estimate.
- What if the interest rate is 0%?
Then the balance grows only from deposits. The interest earned will be 0.
- Are taxes and fees included?
No. Taxes, account fees, and tiered rates are not included.
- How should I treat irregular deposits?
Convert your average deposit into a monthly amount for a rough projection.